The Journey of Engyon: Automating ESG Audits

Why we decided to start Engyon

In 2020, the EU Green Deal set a bold goal: to make the EU climate neutral by 2050. As part of this effort, the Corporate Sustainability Reporting Directive (CSRD) was born. This directive requires companies of a certain size to report on their environmental, social, and governance (ESG) policies and initiatives.

The CSRD is a welcome step towards greater transparency and accountability in the business world. However, it also presents a significant challenge for auditors. The sheer volume and complexity of ESG data is overwhelming, and auditors are already stretched thin.

Challenges in ESG Auditing

Data Overload:  Companies are collecting more ESG data than ever, making it challenging to understand and assess potential disclosure risks. The mandatory reporting of non-financial data under CSRD will only compound this problem, with hundreds of ESG reporting tools being introduced and a lack of uniformity in data structure.
Resource Scarcity:  Auditors are facing a shortage of skilled professionals. Finding skilled ESG auditors is particularly difficult, as these skills are in high demand across the market.

Engyon’s Mission

At Engyon, we believe that audits on disclosed ESG data are crucial for transforming how we appraise businesses and value their investments beyond financial performance. Our mission is to make ESG audits easy and efficient for auditors and companies alike.

Our Approach

We are developing an automated audit platform that streamlines the audit process and reduces the burden on auditors. Our platform can analyse large volumes of textual and numerical data, checking for completeness, understandability, verifiability, and consistency.

Benefits of Using Engyon

Time Savings:  Our platform can significantly reduce the time required to conduct an ESG audit.
Accuracy:  Our platform helps to ensure that audits are accurate and reliable.
Cost-Effectiveness:  Our platform is cost-effective, making it an affordable option for companies of all sizes.

Conclusion

Engyon is committed to helping businesses embrace the CSRD directive and report on their ESG performance in a transparent and meaningful way. By automating the auditing process, we intend to contribute to the overall success of businesses who outperform their peers on more than just profit.